In his heyday, at the pinnacle of the financial world as the CEO of the Kenya Bankers Association (KBA), Dr Habil Olaka did not suffer fools. He was a busy man, with a meeting there, a crisis here, a fire to put out kindling somewhere else, and thus would easily brush off someone he saw as “slow”.
For a man who’s talked repeatedly about seizing the opportunity in front of him, about ambition, about understanding the hourglass is short on sand, this was the way. Admittedly, he tells the BDLife, is not the only way.
“Some of the best people I have worked with are those I would have easily dismissed as slow,” he says.
But that was then. This is now. These days, he is retired, and golf stays put in his mind; in fact, he is rushing to a game just after this interview.
The phone, too, doesn’t ring as much, but his plate though not full, is still sizeable as the Chairman of the Boards of Directors of the Old Mutual Holdings, Gras Savoye Insurance Brokers, and Hustler Fund. He is also a farmer back in Kitale, on 20 acres where he grows macadamia, avocado, and “about 20,000 coffee trees.”
Has there been a major shift in your life since you retired?
I have tried to ease the adjustment by engaging in activities that fill the time I used to spend at the office. I go to the gym more often and play golf whenever I can. Initially, I would go to the office and wonder if I could squeeze in club night in either Karen or Muthaiga.
However, I often found myself called into a meeting at 2 pm, meaning I wouldn’t be able to make it for golf. Now, I can plan a round of golf either before or after my work is done. In addition, I sit on several boards, and I stay in touch with my farm manager, who often calls me, knowing I will answer [laughs].
What are you farming?
Coffee, macadamia, and avocado. My wife’s forte is beekeeping, so we are also involved in that, from harvesting to processing and selling.
Do you plan to go into large-scale coffee farming?
Initially, it was 16 acres; we’ve added four more to make it 20 acres. We have about 20,000 coffee trees. That is good enough for our focus and care.
Has the way you network around golf changed—have the things people “ask for” changed now that you are no longer CEO?
Golf is certainly a great way to connect with others while also networking. I don’t specifically choose who I play with; I play with whoever is available, and that approach has always worked for me. I’m interested in getting to know you and learning about your interests, so we can exchange ideas and discover shared interests.
Has your definition of ambition changed?
It remains unchanged. There were things I wanted to do that I can now pursue, especially in terms of helping others. I serve as a canon, at ACK Butere, providing support to the bishop in managing the diocese.
Are you leaning toward God more now, or were you always devout?
I was brought up in a Christian family by my now-deceased parents, who were also clergymen at the Anglican church. In 2012, I was admitted to the College of Canons in Butere, I was still working at the Kenya Bankers Association (KBA).
I don’t preach, but I provide support to the church, and I was part of the church board. My wife was also brought up in the church, so we have a strong leaning toward the church.
Other than the church, have you found a strong community for fellow retirees?
Many of my friends have transitioned to board positions. They are around my age, some slightly older, others, younger. It helped that some retired earlier than me, giving me a sense of what life is like on the other side.
While board roles are less demanding than the daily responsibilities of being a CEO, they are still intellectually engaging, shifting my focus from hands-on work to oversight rather than day-to-day management.
Did you feel the years turn slowly, or did you wake up and 30 years had flown by?
Haha! I saw it coming and planned for it. I served on three-year contracts. My last contract was set to expire when I turned 60, although there is no official retirement age at KBA.
I considered whether to renew my contract, but I felt the need to slow down, especially since I was already serving on a few boards. I negotiated with KBA to continue serving on one board on their behalf until they found a replacement.
Prof Bitange Ndemo [currently Kenya’s ambassador to Belgium and the European Union] talks about how his phone stopped ringing when he left employment. Have your phones stopped ringing?
[Laughs] When I left the job, everything went quiet and it has taken some time to adjust because during my days at KBA, when there was quietness, I’d think something was wrong somewhere, you know, the calm before the storm.
My routine involved handling calls from various entities, including the regulator, the National Treasury, the Central Bank of Kenya, the Kenya Revenue Authority, parliamentarians, and other stakeholders. However, I have come to realise that it is possible to experience a calm period without any upheaval.
Do you ever miss that corporate aspect?
There were moments when the pressure was satisfying. When I didn’t have those crises, I'd feel something was missing. Now I try to find a replacement for that thrill in my other engagements.
For instance, I am the chairman of Old Mutual and Hustler Fund, which have their challenges. But I am not the CEO, I can only guide the team, I am the overseer, not the doer so it's not quite the same.
Was it easy letting go of the power of a CEO in calling the shots?
It was difficult in the beginning. I had to keep reminding myself that I'm not in management. My natural reaction would be like, ‘Let’s do this, give me the Excel sheet, and I’ll do it for you’.
When you were starting your career, what did your 20-something self know that has stayed true?
I did electrical engineering in college and knew I would either go into practice as an engineer or go into academia. Lo and behold! We finished our exams, and I was passing by a PwC [PricewaterhouseCoopers] pop-up tent during a career fair and they told me it doesn’t matter what your background is, you can try with us.
I did it for the fun of it, and they gave me a job as an audit assistant. I went to Strathmore for an accounting course—I wanted to be an engineer with an accounting background in case I delve into consultancy. I jumped into banking and worked my way up into management.
Would you say your career was by design or happenstance?
I didn’t design it. When I popped into Taifa Hall at the University of Nairobi, all major firms were there including Deloitte and KPMG, but I had heard of PwC, which is why I went to them.
Even then, when they gave me the job, I took it only for some accounting experience for my engineering work, especially if I was going to go into consultancy and form a firm. Abandoning engineering was purely accidental and coincidental.
When I qualified as an accountant in 1992, I earned about Sh37,000. If I had pursued engineering at that time, my salary would have been approximately Sh8,000.
I would have had to sacrifice a lot to go back to engineering [chuckles], and even then, my eyes had opened and there was a possibility to venture into consultancy.
Your generation at the time may have been straitjacketed into a single career path, yet you saw the possibilities of a multifaceted one. How?
What opened my eyes was joining PwC. If I remained in engineering, I would have been narrow-sighted.
With the benefit of having been a Chairman and CEO, what makes a good CEO—a generalist or a specialist?
When you are a specialist, you have a deeper understanding of your area of expertise. A generalist, on the other hand, has broad exposure; they know something about everything. That helps them manage many areas, from finance, business generation, and human resources, among others. Therefore, you need to adopt a generalist approach rather than solely relying on specialised knowledge.
Many things make it to your CV—CEO, banker, accountant, engineer. What doesn’t?
The time I dedicate to my church is meaningful to me, as is the time spent on the farm. While we are neither making nor losing money at the farm, we operate it sustainably, which brings me great satisfaction.
Habil Olaka with his wife, Catherine Olaka and a farmhand at their bee farm in Kitale.
Photo credit: Pool
We apply the skills we've picked throughout our careers, such as strategic planning, financial management, and marketing, among others.
Additionally, our farm employs women from the local community. Many of these women were previously dependent on their husbands, but now they contribute to their household income thanks to the stable salaries they receive.
How has your definition of financial freedom changed over the years?
When I got my first job at PwC, I only had the money that I had saved from home. That first month of working was one of the hardest, I didn’t even have money for lunch. When I received my first salary, I resolved that I would never be in such a dire financial position.
That one-month experience taught me all I needed to know about saving money. Now, whenever I earn, I ensure that a portion of my income is set aside and not touched. I aim to save at least an amount equivalent to my monthly salary.
What is the one piece of career advice you wish you hadn’t listened to?
[Long pause] That’s a tough one. When I was in high school, my late father was convinced that I should become a doctor. He wanted me to focus on Biology, Chemistry, and Mathematics for that reason, and he even had a specific field in mind for me—Tropical Diseases.
During my final year, I took French, which I passed, but it could only be combined with Mathematics, Physics, and Chemistry. If I didn’t want to take French, I could choose other combinations instead.
I have an uncle who was studying electrical engineering in college, and when I visited him, I was amazed to see that he had designed a disco light system that responded to specific frequencies.
It was then that I realised I wanted to pursue engineering. We are still good friends, although he was a bit disappointed when I excelled in engineering but eventually decided to leave it for a career in banking, haha!
What about your father, what did he think?
He had reconciled with my choices. He even cracked jokes, saying you can be a Dr. of anything [chuckles]—as long as you reach the pinnacle of whatever you want to do. By the way, I got my PhD when he was still alive. He died in 2018, a year and a half after I graduated.
What are you most proud of in your life?
Being a balanced person throughout my working life and having excelled in several things. I gave it my all in what I did. I was one of the best in primary school, I went to Alliance High School too [chuckles] and for all the six years I was in Alliance, I was on the prize-giving list. In university, I was one of the three graduates who got first-class honours, and then I worked with the best accounting firm. PwC.
I got into accountancy, got a PhD in Leadership and Management, and for a long time, I was the face of the banking industry. And now, I am choosing which boards to sit on.
I serve the church; I became the national president of FKE (Federation of Kenya Employers) too and will transition to the trustee and the Hustler Fund as chair.
You seem to be very good at many things. What do you struggle with?
Patience. It takes me time to take people at their pace. It brought a lot of internal conflict. For me, if you are slow, I’d almost want to ignore you and find someone who can move at my pace. But I have worked on that because I have learned that some of the best people are those I would have easily dismissed.
You’ve spent years guiding individuals and institutions. What guides you?
I have role models. For instance, Martin Oduor Otieno (former KCB chief executive officer) contributed to who I am along with Richard Etemesi, the first African CEO of StanChart bank and the chairman of KBA, where Martin had been the previous chair.
I sought professional and emotional support from them, almost like my reference points. I maintained contact with them, they retired before me, Martin is the chair of EABL, and sits on the board of Standard Bank in South Africa and other things. Etemesi is on the board of StanChart in Africa and others, and by the way, he is also doing coffee farming [chuckles].
How are you holding the elevator door open for others?
I have many young people who look up to me like an uncle. I tell them what was happening to me at a particular time and what I did to help them chart their own path.
My daughter did law at the University of Kent and I was trying to guide her on how she could get admitted to the bar, but she was not keen. She asked me, ‘Dad what did you do in college?’ My line of pursuit changed, haha! Now she is into talent management.
Is there a part of your younger self you are meeting now in retirement?
[Long pause]. That’s a tough one. During school holidays I would visit my maternal grandmother in Butere, a considerable walking distance.
We’d go on a Thursday and stay there for a week, meeting my extended family who treated us with so much love because my mom was the only girl in the family.
Yes, grandma had other grandchildren from her sons, but we were spoiled. I looked forward to that moment when grandma would give us the best dish she had preserved for us. Whenever I have an opportunity to spoil myself that is what comes to mind.
What will always remain true in wealth creation?
If you work for something and earn it from your sweat, you will always preserve it. When you cut corners, it is not sustainable. No shortcuts. You create wealth by working hard for it. You could get a loan or save from your earnings to get the initial capital.
Looking back, what has been your happiest memory?
When I got the clearance from the faculty that my dissertation had gone through, I would be awarded a doctorate. The rest becomes mechanical once you get the clearance.
What’s it been like to be married throughout your career?
It has been very fulfilling. It brought me stability. When you take on responsibilities, you stabilise in all the other segments—financially, socially, emotionally, and professionally because you become more focused. You are not all over the place [chuckles].
Is your wife also about to retire?
Yes, next year. Then we can do things together. We have a farm in Kitale. When she retires, we shall focus on it, combining our strengths.
